French solar company Reden Solar has announced a plan to increase its new solar module production capacity to 200MW a year by 2024.
After the selection of an unnamed supplier in Spain, the company will be able to produce 300,000 PV modules a year, enhancing its annual capacity from 65MW to 200MW. The modules – produced in an assembly plant in France – will mainly be used in agrivoltaics projects in development by the company, but also for the maintenance of its existing power plants.
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Reden said the investment in the new production line cost “several million euros”. Currently, the company owns and operates nearly 940MW of installed capacity on more than 730 sites.
Last month, the company inked a deal with financial institutions, including the European Investment Bank (EIB), Crédit Agricole Corporate and Investment Bank Milan branch and Natixis Corporate and Investment Banking, to fund a PV portfolio in Italy.
The financing, worth €264 million (US$281.4 million), supported the construction and operation of up to 26 solar PV power plants with a total installed capacity of up to 255MW across Italy.
Eight of those will be built in the north of the country, 11 in the south and seven in central Italy. The power plants will be operational by the first quarter of 2025 and will produce about 470GWh of renewable electricity per year.